June 27, 2024
By Anjali Kochhar
Southeast Asian software and IT firms had a sharp increase in funding in the first quarter of 2024, raising a total of $99 million. But this huge influx of funding was only going to blockchain-related businesses. For the first time in four years, non-blockchain startups in the area were unable to close any venture capital (VC) or private equity (PE) deals.
Blockchain technology has clearly captured the interest of investors, overshadowing other segments within the Software and IT sector. This trend reflects the growing confidence in the potential of blockchain to revolutionise various industries, from finance to supply chain management. Despite the overall decline in private funding for Southeast Asian startups, blockchain ventures have managed to attract substantial investment due to their innovative solutions and promising application.
The enthusiasm for blockchain is part of a broader global trend where decentralised technologies are increasingly viewed as pivotal for future technological advancements. Southeast Asia, with its rapidly growing digital economy and tech-savvy population, is emerging as a critical hub for blockchain development and adoption. The focus on blockchain startups also highlights the region’s strategic shift towards embracing cutting-edge technologies to drive economic growth and competitiveness on the global stage.
Since it is difficult for non-blockchain entrepreneurs to get funding, the success of blockchain companies emphasizes how important innovation and flexibility are in the ever changing digital industry. In order to take advantage of the growing investment prospects in the area, this phenomena might inspire other tech businesses to investigate blockchain and similar technologies.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
